India’s edtech unicorn Unacademy has raised a new funding round from Tiger Global Management and Dragoneer Investment Group, the company has announced recently.
The company did not disclose the funding amount, but according to TechCrunch, citing people familiar with the matter, it is between $75 million to $100 million. Meanwhile, with the latest funding round, the edtech unicorn’s valuation has soared to $2 billion.
The latest investment comes just two months after Unacademy raised $150 million led by SoftBank Vision Fund 2, which made the Bengaluru-based company enter the unicorn club at $1.45 billion valuation and the country’s second edtech startup to do so after BYJU’S. Unacademy’s valuation has quadrupled from $510 million when it raised $110 million in Series E round from Facebook and General Atlantic in February this year.
Gaurav Munjal, Co-founder and CEO, Unacademy Group, took to Twitter and announced the funding news on the social media platform.
Unacademy Group has raised a new investment round from Tiger Global Management and Dragoneer Investment Group. The funding round values Unacademy Group at $2B.— Gaurav Munjal (@gauravmunjal) November 25, 2020
Speaking about the company and welcoming the new investors, Gaurav Munjal said in a statement,
“Our mission from Day One has been to democratize education and make it more affordable and accessible. We have consistently built the most iconic products that deliver high quality education to everyone. Today, I’m delighted to welcome Tiger Global and Dragoneer as our partners in the journey. They are both marquee global investors with a history of partnering with innovative companies that are making an impact on people’s lives.”
Unacademy, which helps students prepare for various competitive exams, has amassed over 47,000 educators on its platform, who teach over 30 million students spread across 5,000 cities in India in more than 14 languages. The company claims to conduct over 150,000 live classes on its platform each month and the collective watch time across its platforms is more than 2 billion minutes per month.
Scott Shleifer, Partner at Tiger Global, said in a statement,
“The opportunity to improve lives through online education is enormous because of its sheer accessibility. The Unacademy team has innovated rapidly to build a leading platform that is taking education to the farthest corners of India. We are very excited to partner with Unacademy and look forward to seeing it scale further.”
Unacademy has accelerated its growth in recent months. In September, the company said that it has recorded a 100% increase in its paid subscriber base in the last three months. Unacademy also said that its revenue has grown by nearly 9X in the last 12 months.
This year has been a roller coaster ride for Unacademy. Besides massive fundraise, the Bengaluru-based company has acquired three edtech startups, (Kreatryx in April, PrepLadder in July, and Coursavy in September) and picked a majority stake in one, Mastree, a leading K12 learning platform based in Bengaluru.